TBIL vs. VFLO

Last updated Aug 1, 2026

TBIL (F/m US Treasury 3 Month Bill ETF) and VFLO (VictoryShares Free Cash Flow ETF) are both exchange-traded funds - TBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while VFLO is a Large Cap Value Equities fund tracking the Victory U.S. Large Cap Free Cash Flow Index. Both are passively managed. Over the past 3 years, TBIL returned 4.57%/yr vs 24.37%/yr for VFLO. Their 0.07 correlation means their historical movements had little consistent relationship. TBIL charges 0.15%/yr vs 0.39%/yr for VFLO.

Performance

TBIL vs. VFLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in F/m US Treasury 3 Month Bill ETF (TBIL) and VictoryShares Free Cash Flow ETF (VFLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBIL achieves a 2.11% return, which is significantly lower than VFLO's 26.80% return.

TBIL

• 1D: 0.04%
• 1M: 0.34%
• 6M: 1.80%
• YTD: 2.11%
• 1Y: 3.91%
• 3Y*: 4.57%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.50%

VFLO

• 1D: 0.24%
• 1M: 7.67%
• 6M: 26.51%
• YTD: 26.80%
• 1Y: 45.07%
• 3Y*: 24.37%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.75%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TBIL F/m US Treasury 3 Month Bill ETF	$84.47M	$81.39M	$91.49M
VFLO VictoryShares Free Cash Flow ETF	$86.49M	$72.10M	$51.24M

TBIL vs. VFLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TBIL F/m US Treasury 3 Month Bill ETF	2.11%	4.19%	5.15%	2.79%
VFLO VictoryShares Free Cash Flow ETF	26.80%	17.51%	21.83%	15.05%

Correlation

The correlation between TBIL and VFLO is 0.16, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.16
Correlation (3Y) Balances recent behavior with more history.	0.07
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.07

Return for Risk

TBIL vs. VFLO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TBIL

TBIL Risk / Return Rank: 100
TBIL Sharpe Ratio Rank: 100
TBIL Sortino Ratio Rank: 100
TBIL Omega Ratio Rank: 100
TBIL Calmar Ratio Rank: 100
TBIL Martin Ratio Rank: 100

VFLO

VFLO Risk / Return Rank: 96
VFLO Sharpe Ratio Rank: 96
VFLO Sortino Ratio Rank: 95
VFLO Omega Ratio Rank: 94
VFLO Calmar Ratio Rank: 97
VFLO Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TBIL vs. VFLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for F/m US Treasury 3 Month Bill ETF (TBIL) and VictoryShares Free Cash Flow ETF (VFLO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TBIL	VFLO	Difference
Sharpe ratio: Return per unit of total volatility	14.11	2.94	+11.17
Sortino ratio: Return per unit of downside risk	68.82	4.10	+64.73
Omega ratio: Gain probability vs. loss probability	22.93	1.52	+21.41
Calmar ratio: Return relative to maximum drawdown	195.78	7.03	+188.75
Martin ratio: Return relative to average drawdown	1,113.66	23.62	+1,090.03

TBIL vs. VFLO - Sharpe Ratio Comparison

The current TBIL Sharpe Ratio is 14.11, which is higher than the VFLO Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of TBIL and VFLO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TBIL vs. VFLO - Drawdown Comparison

The maximum TBIL drawdown since its inception was -0.10%, smaller than the maximum VFLO drawdown of -17.79%. Use the drawdown chart below to compare losses from any high point for TBIL and VFLO.

Drawdown Indicators

	TBIL	VFLO	Difference
Max Drawdown Largest peak-to-trough decline	-0.10%	-17.79%	+17.69%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-6.44%	+6.42%
Max Drawdown (3Y) Largest decline over 3 years	-0.02%	-17.79%	+17.77%
Current Drawdown Current decline from peak	0.00%	-0.96%	+0.96%
Average Drawdown Average peak-to-trough decline	0.00%	-2.43%	+2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	1.91%	-1.91%

Volatility

TBIL vs. VFLO - Volatility Comparison

The current volatility for F/m US Treasury 3 Month Bill ETF (TBIL) is 0.09%, while VictoryShares Free Cash Flow ETF (VFLO) has a volatility of 4.11%. This indicates that TBIL experiences smaller price fluctuations and is considered to be less risky than VFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIL	VFLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.09%	4.11%	-4.02%
Volatility (6M) Calculated over the trailing 6-month period	0.20%	12.12%	-11.92%
Volatility (1Y) Calculated over the trailing 1-year period	0.28%	15.64%	-15.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	15.98%	-15.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	15.98%	-15.66%

TBIL vs. VFLO - Expense Ratio Comparison

TBIL has a 0.15% expense ratio, which is lower than VFLO's 0.39% expense ratio.

Dividends

TBIL vs. VFLO - Dividend Comparison

TBIL's dividend yield for the trailing twelve months is around 4.04%, more than VFLO's 1.07% yield.

Position	TTM	2025	2024	2023	2022
TBIL F/m US Treasury 3 Month Bill ETF	4.04%	4.07%	5.02%	5.00%	1.10%
VFLO VictoryShares Free Cash Flow ETF	1.07%	1.60%	1.20%	0.71%	0.00%

Frequently Asked Questions

Can I hold both TBIL and VFLO in my portfolio?

TBIL and VFLO have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBIL or VFLO?

VFLO has higher volatility (4.11%) compared to TBIL (0.09%). In terms of maximum drawdown, TBIL dropped -0.10% vs VFLO's -17.79%.

Which ETF is better, TBIL or VFLO?

On 3-year performance, VFLO leads with 24.37% vs 4.57% for TBIL. On fees, TBIL is cheaper at 0.15% per year. On volatility, TBIL has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBIL or VFLO?

Over the 3-year period, VFLO has performed better with a 24.37% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBIL or VFLO?

TBIL is cheaper with a 0.15% expense ratio, compared with 0.39% for VFLO.

Which ETF pays a higher dividend yield, TBIL or VFLO?

TBIL has the higher dividend yield at 4.04%, compared with 1.07% for VFLO.

What is the main difference between TBIL and VFLO?

TBIL is categorized as Ultrashort Bond, while VFLO is Large Cap Value Equities. TBIL tracks Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index, while VFLO tracks Victory U.S. Large Cap Free Cash Flow Index. They also come from different issuers: F/m and Victory. Their fees differ too: 0.15% for TBIL and 0.39% for VFLO.

Which has better risk-adjusted returns?

TBIL currently has the higher Sharpe Ratio (14.11 vs 2.94), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.